Crude prices plunge on weak U.S. economic data

NEW YORK, Jan. 27 (Chinese media) -- Crude prices plunged nine percent Tuesday as weak U.S. economic data refreshed investors' concerns on energy demand.

U.S. consumer confidence dropped to a record low in January, said the Conference Board, an economic research group. The index edged lower in January to 37.7 from a revised 38.6 in December.

Meanwhile, U.S. home prices plunged in November from a year earlier. The Standard Poor's/Case-Shiller 20-city index of home prices tumbled by a record 18.2 percent while 10-city index dropped 19.1 percent.

Light, sweet crude for March delivery was down 4.15 U.S. dollars a barrel, or 9 percent, to settle at 41.58 dollars on the New York Mercantile Exchange.

In London, the March Brent contract fell 3.23 dollars to settle at 43.73 dollars on the ICE Future Exchange.